2023: Credit Cards for Poor Income (6000-15000) Earners

Credit Cards for Poor or Low Income in India

Credit cards are financial products that allow individuals to borrow money to make purchases or withdraw cash. They can be useful for people with a low salary, but it’s important to be cautious when using them.

There are a few credit cards options for individuals with low income in India

  1. Secured credit cards: These are credit cards that require a deposit as collateral. The credit limit is usually the same as the deposit amount or 80% of the deposit amount.
  2. Prepaid credit cards: These are like gift cards that can be loaded with a certain amount of money. They can be used to make purchases, but they don’t extend credit.
  3. Low-income credit cards: Some credit card issuers offer credit cards specifically designed for people with low incomes. These cards may have lower credit limits and higher interest rates.

It’s important to keep in mind that having a low income does not necessarily mean you will be approved for a credit card. Credit card issuers will also consider your credit history and credit score before approving you for a card.

If you are considering a credit card, it’s important to read the terms and conditions carefully, and to understand the fees and interest rates associated with the card. Be sure you can pay off the balance in full every month to avoid high interest charges, and always make payments on time.

5 Financial Institutions offering Credit Card for Low Income Individuals

In India, there are several financial institutions and banks that offer credit cards specifically designed for people with low incomes.

Low Salary Credit Cards in India

Here are a few examples:

  1. SBI Card: State Bank of India (SBI) offers credit cards for low-income individuals, including the SBI Card Unnati, which is available to those who earn as little as Rs. 6,000 per month.
  2. HDFC Bank: HDFC Bank offers credit cards for low-income individuals, including the HDFC Bank Saral Credit Card, which is available to those who earn as little as Rs. 12,000 per month.
  3. Axis Bank: Axis Bank offers credit cards for low-income individuals, including the Axis Bank Insta Easy Credit Card, which is available to those who earn as little as Rs. 12,000 per month.
  4. ICICI Bank: ICICI Bank offers credit cards for low-income individuals, including the ICICI Bank Coral Credit Card, which is available to those who earn as little as Rs. 15,000 per month.
  5. Bajaj Finserv: Bajaj Finserv offers credit cards for low-income individuals, including the Bajaj Finserv RBL Bank SuperCard, which is available to those who earn as little as Rs. 12,000 per month.

It is important to note that the eligibility criteria for credit card may vary from bank to bank and the requirement would be based on their internal policies. However, credit card issuers will also consider your credit history and credit score before approving you for a card.

Secured Credit Cards in India for Poor Earners

Secured credit cards are credit cards that require a deposit as collateral. The credit limit on a secured credit card is usually the same as the deposit amount. In India, several banks and financial institutions offer secured credit cards to individuals, including:

  1. SBI Card: State Bank of India (SBI) offers the SBI Card Unnati, which is a secured credit card that requires a deposit of Rs. 5,000 to Rs. 50,000.
  2. HDFC Bank: HDFC Bank offers the HDFC Bank MoneyBack Credit Card, which is a secured credit card that requires a deposit of Rs. 10,000 to Rs. 1,00,000.
  3. Axis Bank: Axis Bank offers the Axis Bank Insta Easy Credit Card, which is a secured credit card that requires a deposit of Rs. 10,000 to Rs. 1,00,000.
  4. ICICI Bank: ICICI Bank offers the ICICI Bank Coral Credit Card, which is a secured credit card that requires a deposit of Rs. 5,000 to Rs. 1,00,000.
  5. Bajaj Finserv: Bajaj Finserv offers the Bajaj Finserv RBL Bank SuperCard, which is a secured credit card that requires a deposit of Rs. 5,000 to Rs. 1,00,000.

It’s important to keep in mind that, like other credit cards, secured credit cards come with fees and interest rates, and it’s important to read the terms and conditions carefully before applying. Additionally, it’s also important to make timely payments to maintain a good credit score which will help you in getting other credit facilities in future.

Prepaid Credit Cards for Lower Income Individuals

Prepaid credit cards are financial products that are similar to gift cards, in that they can be loaded with a certain amount of money and used to make purchases. They are not the same as traditional credit cards, as they do not extend credit and the cardholder can only spend the amount that has been loaded onto the card. In India, several banks and financial institutions offer prepaid credit cards, including:

  1. Visa/Mastercard/Rupay Prepaid Cards: Most of the banks in India offer prepaid credit cards that are powered by Visa, Mastercard or Rupay networks. These cards can be used for shopping and withdrawing cash at ATMs.
  2. Paytm: Paytm, a digital payment platform, offers a Paytm First Credit Card, which is a prepaid card that can be used for shopping and withdrawing cash at ATMs.
  3. ICICI Bank: ICICI Bank offers the ICICI Bank Coral Visa Prepaid Card, which is a prepaid card that can be used for shopping and withdrawing cash at ATMs.
  4. HDFC Bank: HDFC Bank offers the HDFC Bank ForexPlus Card, which is a prepaid card that can be used for shopping and withdrawing cash at ATMs.
  5. SBI Card: State Bank of India (SBI) offers the SBI Card Elite, which is a prepaid card that can be used for shopping and withdrawing cash at ATMs.

It’s important to keep in mind that prepaid credit cards come with fees and it’s important to read the terms and conditions carefully before applying. It’s also important to ensure that the amount loaded on the card is sufficient enough to cover the purchase before making a transaction.


Nikesh-Mehta-AllOnMoney

Hi, I am Nikesh Mehta, owner and writer of this site. I’m an analytics professional and also love writing on finance and related industry. I’ve done online course in Financial Markets and Investment Strategy from Indian School of Business. I can be reached at [email protected].

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